AUD/USD attention on 0.7612 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair needs to close above 0.7612 in order to confirm the upside attempt.

Key Quotes

“AUD/USD we suspect is trying to base, but it is making a meal out of trying to clear the 20 day ma at .7612. We need a close above the 20 day ma to confirm upside intent. We continue to favour a deeper corrective rebound towards the 200 day ma at .7693. The market reversed recently just ahead of strong support – namely the 2016-2017 uptrend line and double Fibonacci retracement at .7500- .7475 (50% retracement of the move up from the 2016 low AND the 78.6% retracement of the move seen from May 2017)”.

“The recent intermediate high on 2 nd November at .7729 will need to be overcome to alleviate immediate downside pressure to a trigger a retracement to .7828/.7886”.

“Below .7475 would trigger a deeper sell off to the .7330 May low”.